Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

China Shipbuilding Industry Group Power Co., Ltd. (600482.SS)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$18.42 - $47.33$27.88
Multi-Stage$13.10 - $14.30$13.69
Blended Fair Value$20.79
Current Price$22.22
Upside-6.45%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS22.17%17.24%0.220.170.150.070.090.080.160.410.150.22
YoY Growth--32.42%8.45%116.05%-16.92%5.58%-48.59%-61.25%174.82%-31.20%378.82%
Dividend Yield--1.02%0.81%0.92%0.44%0.51%0.49%0.55%1.63%0.46%0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,855.34
(-) Cash Dividends Paid (M)922.39
(=) Cash Retained (M)932.95
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)371.07231.92139.15
Cash Retained (M)932.95932.95932.95
(-) Cash Required (M)-371.07-231.92-139.15
(=) Excess Retained (M)561.88701.03793.80
(/) Shares Outstanding (M)2,302.752,302.752,302.75
(=) Excess Retained per Share0.240.300.34
LTM Dividend per Share0.400.400.40
(+) Excess Retained per Share0.240.300.34
(=) Adjusted Dividend0.640.700.75
WACC / Discount Rate9.19%9.19%9.19%
Growth Rate5.50%6.50%7.50%
Fair Value$18.42$27.88$47.33
Upside / Downside-17.12%25.49%113.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,855.341,975.932,104.372,241.152,386.832,541.972,618.23
Payout Ratio49.72%57.77%65.83%73.89%81.94%90.00%92.50%
Projected Dividends (M)922.391,141.551,385.291,655.901,955.842,287.772,421.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.19%9.19%9.19%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,035.631,045.441,055.26
Year 2 PV (M)1,140.151,161.861,183.78
Year 3 PV (M)1,236.411,271.911,308.07
Year 4 PV (M)1,324.871,375.821,428.22
Year 5 PV (M)1,405.921,473.831,544.33
PV of Terminal Value (M)24,033.8725,194.7126,399.98
Equity Value (M)30,176.8431,523.5732,919.66
Shares Outstanding (M)2,302.752,302.752,302.75
Fair Value$13.10$13.69$14.30
Upside / Downside-41.02%-38.39%-35.66%

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